Trails Edge Capital Partners, LP — 13F Holdings & Portfolio
CIK 2077247 · latest 13F-HR filed 2026-08-14
Trails Edge Capital Partners, LP manages $629.9M in 13F-reported U.S. long-equity assets across 35 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are LBRX (7.85%), NRIX (6.06%), IMCR (5.36%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 13 new positions and exited 4; 14 existing positions rose in reported value and 5 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
| Name | Title / Status | Ownership | Type |
|---|
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- DESIGN THERAPEUTICS INC$19.9M +219.4%
- 4D MOLECULAR THERAPEUTICS IN$17.5M +144.3%
- LB PHARMACEUTICALS INC$16.9M +51.9%
- IMMUNOCORE HLDGS PLC$13.2M +64.0%
- NURIX THERAPEUTICS INC$11.1M +41.3%
Top Trims
- INVENTIVA SA-$4.7M -31.9%
- MIRUM PHARMACEUTICALS INC-$4.6M -15.1%
- VTV THERAPEUTICS INC-$2.3M -42.1%
- REVOLUTION MEDICINES INC-$2.1M -9.0%
- MINERVA NEUROSCIENCES INC-$674.0K -7.9%
New Positions
- FIRST TRACKS BIOTHERAPEUTICS$30.5M
- BIOMARIN PHARMACEUTICAL INC$29.3M
- INSMED INC$24.6M
- KAILERA THERAPEUTICS INC$21.7M
- INCYTE CORP$17.6M
Exited Positions
- VAXCYTE INC$38.5M
- DEFINIUM THERAPEUTICS INC$32.9M
- ARCUS BIOSCIENCES INC$22.6M
- IMMUNOVANT INC$10.3M
Trails Edge Capital Partners, LP Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | LB PHARMACEUTICALS INC | LBRX | 50180M108 | $49.4M | 7.85% | 1,523,022 | SH |
| 2 | NURIX THERAPEUTICS INC | NRIX | 67080M103 | $38.2M | 6.06% | 1,573,220 | SH |
| 3 | IMMUNOCORE HLDGS PLC | IMCR | 45258D105 | $33.8M | 5.36% | 1,063,234 | SH |
| 4 | FIRST TRACKS BIOTHERAPEUTICS | TRAX | 337185102 | $30.5M | 4.84% | 1,514,000 | SH |
| 5 | 4D MOLECULAR THERAPEUTICS IN | FDMT | 35104E100 | $29.6M | 4.70% | 2,227,917 | SH |
| 6 | BIOMARIN PHARMACEUTICAL INC | BMRN | 09061G101 | $29.3M | 4.65% | 512,000 | SH |
| 7 | DESIGN THERAPEUTICS INC | DSGN | 25056L103 | $29.0M | 4.60% | 2,001,282 | SH |
| 8 | XENON PHARMACEUTICALS INC | XENE | 98420N105 | $26.6M | 4.22% | 440,000 | SH |
| 9 | MIRUM PHARMACEUTICALS INC | MIRM | 604749101 | $26.1M | 4.15% | 223,312 | SH |
| 10 | INSMED INC | INSM | 457669307 | $24.6M | 3.90% | 230,331 | SH |
| 11 | CYTOKINETICS INC | CYTK | 23282W605 | $24.5M | 3.90% | 288,089 | SH |
| 12 | SYNDAX PHARMACEUTICALS INC | SNDX | 87164F105 | $24.3M | 3.85% | 1,110,000 | SH |
| 13 | NEUROGENE INC | NGNE | 64135M105 | $22.5M | 3.57% | 714,885 | SH |
| 14 | KAILERA THERAPEUTICS INC | KLRA | 482931102 | $21.7M | 3.44% | 984,786 | SH |
| 15 | REVOLUTION MEDICINES INC | RVMD | 76155X100 | $21.7M | 3.44% | 115,750 | SH |
| 16 | INHIBIKASE THERAPEUTICS INC | IKT | 45719W205 | $18.4M | 2.92% | 9,051,318 | SH |
| 17 | INCYTE CORP | INCY | 45337C102 | $17.6M | 2.79% | 155,000 | SH |
| 18 | AVALO THERAPEUTICS INC | AVTX | 05338F306 | $16.5M | 2.62% | 891,881 | SH |
| 19 | MOONLAKE IMMUNOTHERAPEUTICS | MLTX | 61559X104 | $14.6M | 2.32% | 750,000 | SH |
| 20 | FAETH THERAPEUTICS INC | FTH | 81728A207 | $12.9M | 2.05% | 515,335 | SH |
| 21 | X4 PHARMACEUTICALS INC | XFOR | 98420X202 | $12.0M | 1.91% | 2,571,478 | SH |
| 22 | OPUS GENETICS INC | IRD | 67577R102 | $11.3M | 1.79% | 2,743,658 | SH |
| 23 | SOL-GEL TECHNOLOGIES LTD | SLGL | M8694L137 | $10.3M | 1.64% | 139,445 | SH |
| 24 | AURA BIOSCIENCES INC | AURA | 05153U107 | $10.2M | 1.63% | 1,443,333 | SH |
| 25 | CENTURY THERAPEUTICS INC | IPSC | 15673T100 | $10.1M | 1.61% | 4,134,969 | SH |
| 26 | INVENTIVA SA | IVA | 46124U107 | $10.0M | 1.60% | 2,657,997 | SH |
| 27 | CAMP4 THERAPEUTICS CORP | CAMP | 13463J101 | $8.4M | 1.34% | 1,932,937 | SH |
| 28 | ALTIMMUNE INC | ALT | 02155H200 | $8.1M | 1.28% | 2,660,000 | SH |
| 29 | MINERVA NEUROSCIENCES INC | NERV | 603380205 | $7.9M | 1.25% | 1,419,000 | SH |
| 30 | PROMIS NEUROSCIENCES INC | PMN | 74346M505 | $7.3M | 1.16% | 557,103 | SH |
| 31 | ONKURE THERAPEUTICS INC | OKUR | 68277Q105 | $6.6M | 1.04% | 1,438,456 | SH |
| 32 | FORTE BIOSCIENCES INC | FBRX | 34962G208 | $5.8M | 0.92% | 273,181 | SH |
| 33 | RESEARCH ALLIANCE CORP III | RACC | G75226103 | $5.3M | 0.85% | 500,000 | SH |
| 34 | VTV THERAPEUTICS INC | VTVT | 918385204 | $3.2M | 0.51% | 85,192 | SH |
| 35 | IMAGENEBIO INC | IMA | 45175G207 | $1.7M | 0.26% | 282,004 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $629.9M | 35 | 0002077247-26-000004 |
| 2026-03-31 | 2026-05-15 | $436.5M | 27 | 0002077247-26-000003 |
| 2025-12-31 | 2026-02-17 | $404.7M | 23 | 0002077247-26-000002 |
ATLANTA, GA 30326